Key Points
BEIJING, July 12 (Reuters) - China on Wednesday sent another strong signal that a years-long crackdown on its tech industry is over as Premier Li Qiang met firms such as Alibaba's cloud unit (9988.HK) and Meituan (3690.HK), and urged them to do more to support the economy...
Li told them authorities would seek to make regulation of platform firms more transparent and predictable...
But Beijing's tone has softened since December, with authorities shifting to stress the need to revitalise the sprawling online platform sector, as the economy recovers at a slower-than-anticipated rate following the end of COVID curbs...
"We hope that the majority of platform enterprises will look forward with firm confidence ... continue to promote innovation and breakthroughs, better empower the real economy," Li said at Wednesday's meeting, according to state media...
Despite the recent signals, however, some fund managers told Reuters that they would continue to steer clear of the sector, citing expectations of stringent regulation in the future and the flagging domestic economy...
